Jump to ContentJump to Main Navigation
Financialization, New Investment Funds, and LabourAn International Comparison$
Users without a subscription are not able to see the full content.

Howard Gospel, Andrew Pendleton, and Sigurt Vitols

Print publication date: 2014

Print ISBN-13: 9780199653584

Published to Oxford Scholarship Online: April 2014

DOI: 10.1093/acprof:oso/9780199653584.001.0001

Show Summary Details
Page of

PRINTED FROM OXFORD SCHOLARSHIP ONLINE (www.oxfordscholarship.com). (c) Copyright Oxford University Press, 2019. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 21 November 2019

Financialization and Ownership Change

Financialization and Ownership Change

Challenges for the German Model of Labour Relations

(p.148) 5 Financialization and Ownership Change
Financialization, New Investment Funds, and Labour

Jakob Haves

Sigurt Vitols

Peter Wilke

Oxford University Press

This chapter examines the German case, which is seen as one of the leading examples of coordinated capitalism in comparative political economy. However, some observers argue that financialization is leading to the dissolution of the German model, as banks are retreating from an active role in corporate governance and ‘relational finance’ is under pressure. Prior to the financial crisis, a heated public debate took place on the role of private equity and hedge funds as ‘locusts’ in Germany. This chapter shows that new investment funds are only one of a number of sources contributing to this transformation. The effects of private equity in Germany are considered. Activist hedge funds appear not to have been very successful in Germany and their activity there has almost completely stopped since the crisis. Furthermore, works councils and board level employee representatives play important roles in moderating the impact of new investment funds on labour.

Keywords:   Germany, financialization, new investment funds, labour, employment relations, industrial relations, work, private equity, hedge funds, sovereign wealth funds

Oxford Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs , and if you can't find the answer there, please contact us .